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Tag: Thomas Petterfy

Oct.31st

Thomas Petterfy, a Hungarian immigrant and Wall Street billionaire, has inundated our television with political ads with a simple warning: Unless we vote Republican, we will turn the United States into the depressed communist Hungary of his childhood.

In 1965, Petterfy fled Hungary for America – a country that he fantasized about since he was a boy. In 1965, about the same time I came to America, the highest marginal tax rate in this country was around 70 percent, which means that successful entrepreneurs – those like Petterfy – had to reinvest much of their wealth in the country and …